Entrepreneurship Review

2.2 Unit 1

What is innovation in entrepreneurship?

New ideas, products, or methods that improve business effectiveness.

What is an invention in entrepreneurship?

The creation of a new product or process that has never been made before.

What is a venture in entrepreneurship?

A project or startup that seeks to create profit by taking on financial risks.

What is an opportunity in entrepreneurship?

A situation or condition that presents a potential for a new business venture.

What does market-driven mean in entrepreneurship?

Focusing on customers’ needs and wants in product development and marketing strategies.

What does SMART stand for in SMART goals?

Specific, Measurable, Achievable, Relevant, and Time-bound.

What do SMART goals do?

Provides a clear objective that is well-defined in achieving a desired outcome.

What is risk in entrepreneurship?

The potential of losing something of value, while pursuing a business opportunity or investment.

What are trends in entrepreneurship?

Emerging patterns or shifts in market behaviour.

What are characteristics of successful entrepreneurs?

Strong leadership, motivation, and passion.

What is a licensing agreement?

A legal contract where one party grants another party the rights to use, produce, or sell a product.

What is a patent?

A legal protection that gives an inventor sole responsibility to use, sell, or market their invention for a certain period.

What is an intrapreneur?

An employee within a company being responsible for developing projects or ventures, operating with the freedom and resources.

What is copyright?

A legal right that grants the creator of original works exclusive rights to its use and distribution.

What is gross income?

Total revenue before expenses, taxes or deductions.

What is emotional intelligence?

The ability to recognize, understand, and manage one's own emotions as well as the emotions of others.

What is a service?

Involves task or activity performance that meets the need/wants of customers.

What are needs?

Basic requirements essential for survival.

What are wants?

Desires for specific goods or services that are not essential for survival but enhance quality of life.

What does SCAMPER stand for?

Substitute, Combine, Adapt, Modify, Put to another use, Eliminate, Reverse.

What is SCAMPER?

A creative problem-solving technique that uses a structured approach to generate ideas and innovations using SCAMPER.

What is Partnership?

A business arrangement is a business structure where ownership and responsibilities are shared.

What is Cooperative?

A business owned and operated by a group of individuals

What is Sole Proprietorship?

A business structure owned and managed by a single individual.

What is a Corporation?

A legal entity that is separate from its owners.

What is a Franchise?

A business model where individuals buy the rights to operate a business under the branding and operational support of an established company.

Label all levels of Maslow’s Hierarchy of Needs

Self-actualization, esteem, love and belonging, safety needs, physiological needs.

Describe all levels of Maslow's Hierarchy of Needs

Achieving one’s full potential, a feeling of accomplishment, a sense of connection, being safe and secure, and needs to survive.

Describe Entrepreneurial characteristics and skills

Intrapersonal: the ability to manage one's own emotions. Critical/creative: solving problems with a variety of solutions. Practical: Ability to use tools designed for a specific job.

Factors that influence buying

Personal, Psychological, social or cultural.

Impact of Innovation

Innovation can lead to an improvement of products/services and economic growth.

Describe ways to find opportunities and ideas

Understanding/following trends, Looking for improvement, creating new ideas, looking for feedback.